The Myth & Reality behind the HOPE For Homeowner's Mortgage Program.

The Myth: The Government's programs will either entice or force banks to help all the homeowners who are struggling with their mortgage.

The Reality: The Government programs have failed to have the desired impact. Less than 10% of the people who are supposed to be helped by this program have been able to get any relief from the banks. Billions have given to the banks and they refuse to do what is right. Homeowners are given no real help and are left feeling helpless.

The banks would like to have you believe that only those with “hardships” are eligible for some mortgage relief. What the banks don’t want the average homeowner to know is that they have a contract with you and that homeowners have all kinds of legal rights. If any of these rights were violated, which was not unusual in the fast paced origination environment of the past few years, you may be eligible to mortgage relief, damages or even a complete rescission of your mortgage!

When you get a mortgage, you have a legal contract with you bank and that contract provides you specific legal rights. Banks made many bad loans and often don’t want you to know about your rights. You may have been victimized by bad lending practices or harmed by your builder, appraiser or others involved in the loan process. Only a review of your case by an experienced attorney can highlight what damages you may have suffered and what to compensation you may be entitled.

The government advises you to call your Mortgage Company directly. What we have found is that is not a sensible option for the vast majority of people who cannot spend hours waiting on the phone, sending reams of information and hoping that something will be done. Especially when it is known that less than 10% of the people who were supposed to have been helped have received any relief over the past 18 months.

The worst thing anyone can do is to promote or encourage falling behind in payments in the hopes of becoming eligible for some mortgage relief. You need to understand your legal rights and obligations and act based on facts and not hopes. Too many people “hope” and find themselves having made bad decisions. Get an attorney to review your situation to understand if you should look into possible legal actions against your lender!

Banks made many bad loans and in some cases ended up violating more homeowner’s rights with bad foreclosures. You may still have rights or be entitled to damages from your lender if you were victimized during the loan process. Even if your house has already been foreclosed on, find out about your legal rights.

We understand that consumers interested in fixing their financial worries should consider ways to reduce their credit card debt at the same time they review their mortgage obligations. We will refer clients to a law firm who specializes in negotiating credit card debts at pennies on the dollar.